u1's near misses (auction related) - ramblings and maybe lessons learned? Share your thoughts too
U1chicago
Posts: 6,563 ✭✭✭✭✭
Here was a recent Morgan auction that I chased but came up short (direct underbidder). It ended at $526.50 with the fee.
The positives:
~two sided color
~color is attractive
~looks nice for a 64 (to me); I have seen baggier examples in this grade
The negatives:
~some breaks in the toning on the reverse (the area around DO of Dollar)
~no star from NGC (this does not bother me as I have seen coins that should get a star not get one and vice versa)
~potentially a bit dark
I figured my bid would be enough but someone wanted it more. What do others think of the coin? Would you have bid this much or more (if you collect toners; if you don't, I already know your answer 
)?
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Comments
The positives that you mention outweigh the negatives imo.
The grade looks fair enough. Yes, I would've bought it for $500, but I have an 1896 with color already.
It's a cool coin. Maybe next time!?
As an aside, I would be hesitant to cross it to our hosts (not that you would've), as they've been a little stingy with crossing colorful coins on my end. No biggie though, win some - lose some...
Beautiful Morgan. I can definitely see why you would chase it a bit.
It appears you were the underbidder, missing it by $10. then I realize we have no idea what the upper end of the winner's bid would have been had you even bid more.
peacockcoins
It was probably more than 10 but how much more, only the winner and GC would know. The coin was sitting below 300 with a few minutes to go so I at least helped the consigner a bit!
That’s unfortunate as both look like nice coins from the picture. I’ve only crossed one NGC coin to PCGS and it was successful at the same grade (there were no doubts about the color). Other coins I’ve cracked because crossing would have been more expensive and there was minimal downside. In your case, I would not crack as losing the 67 grade would sting even if it crossed as a 66.
CDN Bid is $77. I understand people bidding it up bc of color / toning but not for me. Obviously a rabid bid war was going on. Some really rich bidders?
Do you use auc sniper? Did you try a last bid in final seconds? Looks like a lot of them wanted it.
In those situations I will but a bid in to mark it then come back in final seconds to snooker them and win it. That’s quite a color / toner premium that guy paid. Would you say he’s buried in it?
It’s certainly solid for the grade. Highest auc result seen in CDN $516.
There is no sniper program for GC so the process is a late manual snipe.
I don’t think the person who bought is buried as long as the coin looks decent in hand (GC photo suggests it will be solid and their photos are generally reliable). It might be a challenge to flip quickly, especially in a non star NGC holder. If it crosses to PCGS, there might be potential for a flip.
Agree, it would be a significant value loss if downgraded.
They are both over at CACG for the same attempt to cross at grade. I'm sort of doubtful, but you never know.
CACG had a crossover special ($0 handling), so I thought I'd give them a go.
Best of luck! Hopefully they cross.
Why chase a coin with near terminal tone??
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
I wouldn’t call it terminal. It’s a few stages before that point and the colors are still appealing (at least to my eye).
Just too dark for me.
@U1chicago, I didn't call it terminal, near terminal is what I said. As others have also said, it's just too dark and it's heading in the wrong direction. I have seen other coins referred to as Black Beauties and never understood the appeal.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Got it; I don't think it's headed in the wrong direction but others do. I have seen a few examples of early S mint Morgans (1880 to 1882) that are closer than this to terminal but they have excellent luster and semi-pl surfaces. They can be very appealing even though they are dark (the luster is what makes the difference).